BEIJING, March 7, 2011 /PRNewswire-Asia/ -- Wowjoint Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW, BWOWU, BWOWW), China's Innovative Infrastructure Solutions Provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction, today is providing preliminary financial results for the fourth quarter of 2010. Results are currently unaudited and subject to change:
- Revenue in the range of $10.0 - $12.0 million, an increase from the initial guidance of $9.2 - $9.5 million.
- Gross profit of $2.5 - $3.2 million
- Net income in the range of $1.0 - $1.3 million
- Earnings per share of $0.14 - $0.17
Wowjoint has continued to execute on its growth strategy by winning contracts with new and existing customers in China and securing International orders. Increased demand for the Company's products, supported by enhanced sales and marketing efforts, has enabled Wowjoint to dramatically improve its financial results for the second half of 2010. Key additions to its sales force has been instrumental in expanding the pipeline of new business, which management believes will translate to further growth in 2011. Wowjoint is well positioned to take advantage of the $1.1 trillion infrastructure spending that China has planned from 2009 to 2020, in addition to driving incremental growth through its International channels and through new vertical applications. .
Wowjoint expects to release its fourth quarter and fiscal year results by the end of March 2011, at time first quarter 2011 guidance will also be provided. Senior management will host a conference call and webcast to discuss the results and answer questions. The specific time of the conference call and dial-in details will be forthcoming.
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in such large scale infrastructure projects as railway, highway and bridge construction. Wowjoint's main product lines include launching gantries, tyre trolleys, special carriers and marine hoists. The Company's innovative design capabilities have resulted in patent grants and proprietary products. Wowjoint is well positioned to benefit directly from China's rapid infrastructure development by leveraging its extensive operational experience and long-term relationships with established blue chip customers. Information on Wowjoint's products and other relevant information are available on its website at http://www.wowjoint.com.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Wowjoint undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this communication. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. All forward-looking statements are qualified in their entirety by this cautionary statement. All subsequent written and oral forward-looking statements concerning Wowjoint or other matters and attributable to Wowjoint or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Wowjoint does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release.
For additional information contact:
Aubrye Harris-Foote, Vice President Investor Relations
HC International, Inc.:
SOURCE Wowjoint Holdings Limited